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Fair and Accurate Credit Transactions Act

The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub. L.Tooltip Public Law (United States) 108–159 (text) (PDF)) is a U.S. federal law, passed by the United States Congress on November 22, 2003,[1] and signed by President George W. Bush on December 4, 2003,[2] as an amendment to the Fair Credit Reporting Act. The act allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). In cooperation with the Federal Trade Commission, the three major credit reporting agencies set up the web site AnnualCreditReport.com to provide free access to annual credit reports.[3]

Not to be confused with the Foreign Account Tax Compliance Act (FATCA).

Other short titles

Financial Literacy and Education Improvement Act

An Act to amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.

FACTA, FLEIA

Fair and Accurate Credit Transactions Act of 2003

December 4, 2003

The act also contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult. Further, it requires secure disposal of consumer information.

One that requires financial institutions or creditors to develop and implement an Identity Theft Prevention Program in connection with both new and existing accounts. The Program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft;

Another that requires users of consumer reports to respond to Notices of Address Discrepancies that they receive; and

A third that places special requirements on issuers of debit or credit cards to assess the validity of a change of address if they receive notification of a change of address for a consumer's debit or credit card account and, within a short period of time afterward they receive a request for an additional or replacement card for the same account.

White House press release

Full text of the "Fair and Accurate Credit Transactions Act of 2003"

Federal Register, Vol 72. No. 217, Friday, November 9, 2007, Rules and Regulations. pp 63718–63775.

Consumer Financial Protection Bureau (CFPB) List of consumer reporting companies current as of January 2016